Bank of America Patents Device For Storing Private Keys

October 31, 2018

The corporation Bank of America has won a patent for a technology that stores digital keys applicable in the digital currency industry.

The document issued by the US Patent and Trademark Office describes a modernized technology to store private keys used anywhere including blockchain platforms. The authors of the report note that the bulk of the keys today is stored locally with their security mechanisms based on passwords only.

Remarkable is that although the words like ‘blockchain’ and ‘cryptocurrency’ are commonly used the authors state their project will stay relevant for a wider range of scenarios.

Note that for the Bank of America this is by far not the first project in crypto world. For instance, early summer the banking company filed patent application for various projects that are supposed to enhance the bank’s reach in the crypto sector.